International Regulatory Forums
Following the global financial crisis, there has been a large program of international financial regulatory reform. The following lists the key international bodies that have driven this work and on which the Reserve Bank is represented.
Basel Committee on Banking Supervision
The Basel Committee on Banking Supervision (BCBS) is the primary global standard-setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability.
Australia is represented on the BCBS by APRA and the RBA.
Committee on Payments and Market Infrastructures
The Committee on Payments and Market Infrastructures (CPMI), formerly the Committee on Payment and Settlement Systems, contributes to strengthening the financial market infrastructure through promoting sound and efficient payment, clearing and settlement systems.
The CPMI is a standard-setting body for payment, clearing and securities settlement systems. It also serves as a forum for central banks to monitor and analyse developments in domestic payment, clearing and settlement systems as well as in cross-border and multicurrency settlement schemes.
Australia is represented on the CPMI by the RBA.
Financial Stability Board
The Financial Stability Board (FSB) coordinates, at the international level, the work of national financial authorities and international standard setting bodies, and develops and promotes the implementation of effective regulatory, supervisory and other financial sector policies. It brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.
Australia is represented on the FSB by the RBA and Treasury.
Group of Twenty
The Group of Twenty (G20) is the premier forum for international economic cooperation with members from 19 countries and the European Union. G20 Leaders, Finance Ministers and Central Bank Governors meet regularly to address global economic and financial challenges.
Australia is represented on the G20 by the Prime Minister, the Treasurer and the RBA Governor. Australia chaired the G20 in 2014.